On August 7, iHeartMedia announced that it had agreed to purchase four FM radio stations serving Atlantic City, N.J., and surrounding communities along the Jersey Shore, from Gary Fisher-led Equity Communications.
That transaction, which sees Kalil & Co. serve as the exclusive broker, has now closed.
According to an asset purchase agreement submitted to the FCC for regulatory approval, iHeartMedia paid $2 million for the following stations in the Atlantic City radio market, an extension of the Philadelphia DMA:
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Class B WAYV-FM 95.1 in Atlantic City, N.J., a Hot Adult Contemporary station
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Class B WZXL-FM 100.7 in Wildwood, a Classic Rocker
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Class A WZBZ-FM 99.3 “The Buzz,” in Pleasantville, a Top 40
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Class A WTTH-FM 96.1 in Margate City, an Adult R&B
Equity acquired WAYV in June 1996 for $3.1 million in cash from Frank Osborn, pairing the station with WZXL, acquired from Ragan Henry.
WZBZ (formerly WMID-FM, and WSAX-FM from 1998-2000) and WTTH were added in February 2002 as part of a larger transaction.
